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4.0 out of 5 stars
Information Economics meets Legal Realism, Jul 9 2002
In a wonderful exposition of contemporary thinking on how markets and institutions produce and distribute information and knowledge, James Boyle gives readers some powerful analysis and some of the conceptual tools they'll need to make the Judge Posner's and Richard Epstein's of the world squirm a bit given their desire to wish away the complex issues Legal Realism raised regarding property and contract law. Markets, property, privacy, information and knowledge are all social constructs which generate asymmetries of power and Professor Boyle shows the potential for mischief that may occur if workers, citizens, economists and attorneys refuse to rethink what kind of power relations, if any, are consistent with democratic norms. By looking at such issues as "what is an author" [what is epistemic agency] and the issue of self-ownership of our bodies, Boyle creates a collage of juxtapositions that are of immense relevance to issues such as whether what happened at Enron and other corporations is a manifestation of insider trading, what shall be the scale and scope of patents and copyrights given the need to balance "efficiency" and equity and access, how shall we handle the commodification of our bodies and thoughts? All of these are tough issues that are never going to go away and Boyle's choice of using Legal Realism as mode of inquiry into how we will shape the future of entitlements to knowledge and it's pecuniary benefits is probably the best choice that can be made for those who see glaring limitations in libertarianism. The one topic, that in my view is critical for carrying the discussion forward, yet is missing from Boyle's analysis, is employment contracts. The self-ownership thesis as applied to the knowledge in workers heads, as Kenneth Arrow, Michael Perelman, David Ellerman and others have pointed out, raises difficult issues for corporate governance and the rights of workers. Information economics has many unexplored vistas related to labor law; who owns the knowledge of the firm, under what conditions are workers entitled to privacy from their fellow workers - an immense topic given how corporate hierarchies generate huge asymmetries of power at work and the resulting distribution of income. Hopefully Professor Boyle and his colleagues will take up these critical issues in the future. As for the other reviewers anxieties concerning Karl Marx, their fears are completely unfounded.
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